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Eleco building on successes

Written by Sam Fountain

Tuesday, 18 March 2008

Building-systems manufacturer and autocad designer, Eleco has continued to avoid any ill-effects from the downturn in the UK housing market, managing a 50 per cent increase in pre-tax profits during its first half. Echoing its positive results at the beginning of this year, the Herts-based company said that revenues had increased by 36 per cent during the six months to December adding that it has entered the second half with improved order books. It posted pre-tax profits of £3.7m for the period, up from £2.5m last time, on the back of £39.4m revenues, which increased from £28.9m for the comparable period. It also said that its precast concrete interests had been significantly strengthened by its acquisition  of Milbury Systems, a leading provider of precast concrete infrastructure products back in November 2007. Eleco's executive chairman, John Ketteley said that despite tough conditions, which may become tougher, Eleco was confident of its continued success with the addition of Milbury's second half results. "The current turmoil in financial markets suggests that we might well expect to encounter more testing market conditions," he said. "However, Eleco is in a strong financial position and we entered the second half with improved order books. Milbury Systems will also be contributing to our results for the whole of the second half. I am therefore confident that despite the uncertain financial environment, Eleco will again acquit itself well." Shares in the firm have seen a slight gain of three per cent, growing 2.5p to 91.5p. Set as favorite Bookmark Email This Hits: 316 Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Write comment This content has been locked. You can no longer post any comment.

 

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